This is because ACM wants you to use it that way. The publications are very strict in terms of what you can / cannot do, so my first suggestion would be to not change this. The space left at the bottom of the first column on the first page is reserved for copyright notice:

... however, if you want to remove it, add
\usepackage{etoolbox}% http://ctan.org/pkg/etoolbox
\makeatletter
% \patchcmd{<cmd>}{<search>}{<replace>}{<success>}{<failure>}
\patchcmd{\maketitle}{\@copyrightspace}{}{}{}
\makeatother
. ( etoolbox) \@copyrightspace \maketitle. :
